Since June 7, Sberbank has temporarily halted yuan payments. This change, reported by RBC citing the bank’s press service, directly affects corporate clients engaged in foreign economic activity who routinely settle bills in Chinese currency. The bank’s representatives explained that the interruption is a precautionary step tied to external banking arrangements and is not a broad issue with all currencies or all customers.
The bank says it is actively coordinating with Chinese partners to restore normal settlements. In practical terms, companies that normally rely on yuan for cross‑border payments may need to adapt their processes in the short term. Several observers noted that the pause could require businesses to explore alternative channels or other partner banks that can process yuan transactions efficiently while the interruption is in effect.
According to a report by Frank Media, the pause appears to be a result of the correspondent bank policy rather than domestic payment systems alone. An operator from Sberbank’s call center indicated that corporate clients may need to redirect their deals through different partner institutions or reassess existing connections with Sberbank. The implication is clear: for the time being, firms dealing in Chinese currency should anticipate potential delays or changes in counterparty arrangements as they secure new payment routes.
Commenting on the wider implications, Egor Zhilnikov, who holds the position of Chief Analyst in the Economics and Industrial Analysis Department at PJSC Promsvyazbank, highlighted the practical advantages and risks of using the yuan in the foreign exchange market. He pointed out that while yuan liquidity can be beneficial for some exporters and importers, the current disruption underscores the importance of diversified payment corridors and robust risk management. Zhilnikov noted that corporations should reassess counterparty exposure, hedging strategies, and the operational costs associated with switching payment rails in response to such policy-driven pauses. He suggested that a careful balance between leveraging yuan settlement channels and maintaining access to alternative currencies could help firms minimize disruption during periods of policy uncertainty.
Industry observers emphasize that the situation illustrates the broader dynamics of cross-border finance where correspondent banking relationships influence practical payment options. For companies that routinely conduct operations with Chinese counterparties, the episode serves as a reminder to map out contingency plans, confirm settlement timelines, and stay aligned with evolving regulatory and banking conditions that shape international cash flows. In the longer term, smoother cooperation with Chinese banks and clearer standards for yuan settlement could ease the transition back to normal operations. Until then, it remains essential for clients to monitor official bank announcements, maintain transparent communication with partners, and document all changes in payment procedures to ensure continued business continuity.